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War of Debt had a good, simple explanation of derivatives and why they are so dangerous... I didn't agree with the conclusion of the article however...
I think that derivatives either have to be banned, or tightly regulated and traded on an open exchange - and probably NOT be allowed to be claimed on a balance sheet at full value...
They certainly need to be curtailed dramatically - the estimates on the total derivative positions around the globe cannot be accurately assessed - because there is almost zero transparency on these trades - they are private gambling bets between 2 parties - but I've heard $60 TRILLION as a low figure.
That's in one quarter!!!!! Is it time to let AIG fail??
how many trillions is the US goverment down? I think it is quite a bit higher than 62 billion. it is high time to let the federal goverment fail as well.
Just let them die - you don't go into business with crooks, that applies to the US government as well as for those who joined their get rich quick schemes.
how many trillions is the US goverment down? I think it is quite a bit higher than 62 billion. it is high time to let the federal goverment fail as well.
I don't see how anyone that is remotely grateful to live in this country can seriously hope their government to fail. It's bad enough we have the foreign enemies to deal with.
Our government is far from perfect, but I am grateful to be an American and want for our country AND it's leadership to do well.
Yes. They should have let it go under last year, but Bush chose to funnel billions of dollars into it, when he went on his socialist rampage.
Actually I think Geithner was the architect of Bush's plan. Look how good a job he did and the promotion he received. I guess Bush and Obama think alike. Wake up people you are being duped.
Actually I think Geithner was the architect of Bush's plan. Look how good a job he did and the promotion he received. I guess Bush and Obama think alike. Wake up people you are being duped.
The whole crew, Summers and Geithner are considered proteges of Rubin, Berneke is suppose to be the be all end all for The Great Depression, Paulson worked for Goldman Sachs....
Rubin worked at Citi, Geither worked at the NY fed and obviously the other two are known.
Oh, you HAVE to hop over to the Elections forum and read the thread titled unbelievable.
The Feds are going to give Fannie and Freddie people bonuses to retain people while AIG was crucified for doing the same (which they were under contract and the Feds allowed in the stimulus). I'm certainly NOT defending or supporting the AIG bonus but talk about a double standard.....
The Feds, Fannie, and Freddie created this whole housing mess. They pressured banks, etc. to give riskier loans so more people could own their own home. When the house of cards tumbled, the Feds did not get the blame. Instead people and the Feds blamed the banks and other institutions.
AIG for example - AIG plunged into the market for credit default swaps, which are contracts that act like insurance by protecting investors against default in a range of assets, including subprime mortgages and corporate bonds. Source: Crisis on Wall Street : Questions and Answers on AIG
Do think this was a very risky and bad business practice but....
The Feds started this whole mess, AIG and others have taken all the blame by the Feds and citizens, and now Fannie and Freddie people may get bonuses?
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I don't see how anyone that is remotely grateful to live in this country can seriously hope their government to fail. It's bad enough we have the foreign enemies to deal with.
